Forward Racing, which competes in MotoGP with Stefan Bradl, will not take part in the Red Bull Indianapolis Grand Prix on Aug. 9 at Indianapolis Motor Speedway, after team owner Giovanni Cuzari was arrested and the team’s finances were compromised.

Forward Racing confirmed the decision Monday in a release on the team’s website. Cuzari was arrested earlier in July for bribery, fraud and money laundering in Switzerland. Forward also operates a Moto2 team with Simone Corsi, which will also sit out Indianapolis.

“Unfortunately, the reaction of the sponsors, the main source of income of an independent team, was immediate and resolute,” the team’s release said. “Inevitably, some of them cancelled the existing contracts and interrupted payments, creating further financial troubles that could completely jeopardize the surviving of the team … The concrete possibility to start again and the hope to protect the interests of our riders, engineers, contractors and suppliers, led us to agree with IRTA, the International Racing Teams Ass’n, not to deploy our riders at the start of the Red Bull Indianapolis Grand Prix on Aug. 9, in order to gather all the resources and to better organize the upcoming trips.

“This painful decision was necessary in order to try to ensure our participation to the World Championship until the end of the season. The work of the team will continue with the aim to get back on track at Brno for the Czech Republic Grand Prix on Aug. 16.”

Marco Curioni, the team’s managing director, also commented on the decision to skip the next grand prix.

“It was a very difficult week for the Forward Racing team,” he said in the release. “Only in the last hours we have glimpsed the real possibility of overcoming this situation. I hope to have Giovanni – who until proven to the contrary he is correct to assume innocent – soon with us and available to find a solution.

“In this dark moment, several partners and friends have understandably distanced himself from the team and then for this reason I want to thank those who are helping us: Dorna and IRTA gave us full support from the beginning, all members of the team that they gave their unconditional support and those sponsors and the new companies – that despite the objective concerns – gave us confidence and are interpreting the meaning of sponsorship in the original reason: financial aid to allow the athlete to realize his talent.”